Direct Debit due Monday taken Saturday

roy_harper

I'm amazed and angry at NatWest's policy.

I looked at mini-statement today 18/06/2011 and found a D/D dated 20/06/2011 for £50 ish just gone from my account to pay the D/D due on Monday.

They have just deprived me of £50.

The 'chat' advisor flagged up some details about them making a decision that this money should be there to pay my D/D on Monday.

Errrm isn't that up to me? Apparently not.

Torry_Quine

With most bank accounts the money needs to be in the account the last banking day before. The money won't actually leave your account til Mon it has just been earmarked. If you had spent it what would have happened on Mon.

chambta

Saturday and Sunday are not bank processing days. Friday midnight becomes Monday immediately effectively for the purposes of direct debits, standing orders, cheques and BACS credits. What you describe is entirely correct.

jen245

This is nothing new. All debit and credits due to be paid from or into your account on a Monday will show on Saturday dated with Mondays date.

CountingPennies

I have a natwest account. My direct debits are always taken on a saturday even if the money is not in my account. But it also means that i can put the money in my account on monday before 2pm and i won't get charged.

chuckley

i think most, bar abbey and hsbc do this. i just found out from nationwide that companies can take d/d's 'up to 2 days early'. I only have a 4 set up that take them on the right date but it really shocked me.

hcb42

always happens with my bank too, you need it by monday, so you cant spend it today!

CountingPennies

Forgot to add, it works the other way too. I get my family allowence once a month and it falls on a Monday (think its every for weeks??). But the money is always available to withdraw on a Saturday

pqrdef

A DD payment is triggered by the merchant, not by the bank. It's a 2-stage process, over two working nights.

Night 1 - claiming bank asks sending bank for an authorisation code. Sending bank checks your account. If you haven't got the money, the transaction fails at this point. Otherwise, the money is put on hold, which makes it disappear from your "available to spend" balance.

Night 2 - the money is claimed against the authorisation code. This always succeeds - can't be refused - so the receiving and sending accounts can be credited and debited at the same time.

If the merchant requests the money on the Monday. he won't get it until the early hours of Wedenesday. If he wants the money by start of play on Monday, he'll request it on Thursday and it will be on hold on Friday.

opinions4u

I'm amazed and angry at NatWest's policy

There are more important things in the world to save your anger for.

They have just deprived me of £50

£50 that you have authorised them to pay.

Errrm isn't that up to me

They are following your instructions.

YorkshireBoy

jen245 wrote: »

This is nothing new.

Indeed it isn't. There was another post earlier Saturday on the same subject, and there will be a couple more today, it being Sunday (also a non-bank working day).

And then there's next weekend...!